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Old 03-20-2007, 12:06 AM
 
19 posts, read 164,543 times
Reputation: 23

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Does anyone have advice on homes loans? I guess that's too broad of question so I'll be more specific. I am currently listening to my lender explain 1st and 2nds vs. one loan... vs. I don't know... I'm loosing interest in what he's saying and I just want to get this loan thing over with. Can anyone out there tell me WHAT NOT TO DO or WHAT TO BE AWARE OF? Thank you
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Old 03-20-2007, 12:25 AM
 
Location: Columbia, California
6,664 posts, read 29,305,334 times
Reputation: 5148
It is all a matter of qualifying. You may only qualify for a home loan of $X, but the home cost $X & $G. You need to come up with the difference of $G.

For instance I am selling right now.
I am selling for $500,000. I have a assumable loan of $200,000 at 5% with 10 years left. You finance $300,000 and assume my loan for the balance. Or take a loan out yourself. By assuming my loan would be a second loan.
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Old 03-20-2007, 03:40 PM
 
Location: California
402 posts, read 787,129 times
Reputation: 825
Don't buy what you can't afford with a 30 year fixed rate loan.

We are seeing people losing their homes now because they "took the bait of the lenders" and got interest only loans just to get into a home and thinking that real estate prices will just continue to go up and up and when they can't afford the payment they would sell at a profit. NOT!

Buy only what you can afford and stick to a FIXED loan.
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